Eaton (NYSE:ETN) Upgraded by StockNews.com to Buy Rating

Eaton (NYSE:ETN - Get Free Report) was upgraded by equities research analysts at StockNews.com from a "hold" rating to a "buy" rating in a report released on Wednesday.

Several other research analysts have also recently weighed in on the company. Melius Research reiterated a "hold" rating and set a $373.00 price target on shares of Eaton in a research report on Tuesday, January 28th. Citigroup decreased their target price on shares of Eaton from $396.00 to $323.00 and set a "buy" rating for the company in a research note on Monday, April 14th. JPMorgan Chase & Co. dropped their price target on shares of Eaton from $350.00 to $289.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Melius downgraded shares of Eaton from a "buy" rating to a "hold" rating and set a $373.00 price objective for the company. in a research report on Tuesday, January 28th. Finally, KeyCorp cut their price target on Eaton from $340.00 to $325.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Seven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $350.24.

Eaton Stock Performance

NYSE:ETN traded down $2.08 during midday trading on Wednesday, hitting $299.58. The company's stock had a trading volume of 5,931,677 shares, compared to its average volume of 2,632,727. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.50 and a quick ratio of 0.96. Eaton has a fifty-two week low of $231.85 and a fifty-two week high of $379.99. The firm's 50 day moving average is $281.21 and its 200-day moving average is $321.76. The firm has a market cap of $117.37 billion, a P/E ratio of 31.53, a P/E/G ratio of 2.64 and a beta of 1.09.

Eaton (NYSE:ETN - Get Free Report) last issued its earnings results on Friday, May 2nd. The industrial products company reported $2.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.70 by $0.02. Eaton had a net margin of 15.25% and a return on equity of 22.62%. The firm had revenue of $6.38 billion during the quarter, compared to analysts' expectations of $6.26 billion. During the same quarter last year, the company posted $2.40 earnings per share. The firm's revenue was up 7.3% compared to the same quarter last year. Equities analysts anticipate that Eaton will post 12.02 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Capital A Wealth Management LLC purchased a new stake in Eaton in the 4th quarter valued at $26,000. Flagship Wealth Advisors LLC purchased a new stake in shares of Eaton in the fourth quarter valued at about $27,000. Creative Financial Designs Inc. ADV increased its position in Eaton by 102.0% during the first quarter. Creative Financial Designs Inc. ADV now owns 101 shares of the industrial products company's stock worth $27,000 after purchasing an additional 51 shares during the last quarter. Noble Wealth Management PBC purchased a new position in Eaton during the fourth quarter worth about $30,000. Finally, Horizon Bancorp Inc. IN boosted its holdings in Eaton by 321.7% in the 4th quarter. Horizon Bancorp Inc. IN now owns 97 shares of the industrial products company's stock valued at $32,000 after purchasing an additional 74 shares during the last quarter. 82.97% of the stock is currently owned by institutional investors and hedge funds.

About Eaton

Eaton Corporation plc operates as a power management company worldwide. The company's Electrical Americas and Electrical Global segment provides electrical components, industrial components, power distribution and assemblies, residential products, single and three phase power quality and connectivity products, wiring devices, circuit protection products, utility power distribution products, power reliability equipment, and services, as well as hazardous duty electrical equipment, emergency lighting, fire detection, explosion-proof instrumentation, and structural support systems.